Xelpmoc acquires 13.99% stake in Accelerated Learning; stock hits new 52-week low

30 May 2022 , 04:09 PM

Xelpmoc Design & Tech Limited informed that the board has approved an investment in securities of Accelerated Learning Edutech Private Limited, in one or more tranches.

Xelpmoc will provide advisory services to ALEPL/SOAL and look at the concept and future prospect of the ALEPL/SOAL and further, on request of promoters of ALEPL/SOAL to have participated in the ownership of the ALEPL/SOAL.

The Board of the directors of the Company has decided to subscribe to Compulsory Convertible Preference Shares (CCPS) of ALEPL/SOAL. This transaction is expected to be completed by end of March 2025.

The company will pay Rs1.46 crore against 67,500 CCPS of the face value of Rs50 each at an issue price of Rs215 per share including a premium of Rs165 per share.

The company will acquire 2,47,500 CCPS at an issue price of Rs215 per share aggregating to Rs5.32 crore against the advisory services of equalling the amount by the Company to ALEPL/SOAL.

Therefore, the total cost of acquisition is Rs6.77 crore.

After the proposed acquisition, the Company is going to hold 3,15,000 CCPS of ALEPL/SOAL. Therefore, upon acquisition Xelpmoc’s shareholding will be 13.99% of total paid-up share capital on a fully diluted basis.

Xelpmoc’s counter ended at Rs192.65, down by 9.45% against its previous close of Rs212.75 on NSE. The stock touched 52-week new low of Rs188.15.